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Investment in clean energy must triple by 2030 to curb climate change -IEA

Noah Browning, October 13, 2021 (Reuters)

Investment in renewable energy needs to triple by the end of the decade if the world hopes to effectively fight climate change and keep volatile energy markets under control, the International Energy Agency (IEA) said…[T]ransition‐related spending is gradually picking up, but remains far short of what is required to meet rising demand…Clear signals and direction from policy makers are essential. If the road ahead is paved only with good intentions, then it will be a bumpy ride indeed…

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In recent weeks, power prices surged to record levels as oil and natural gas prices hit multi-year highs and widespread energy shortages engulfed Asia and Europe…Fossil fuel demand is also recovering as governments ease curbs to contain the spread of COVID-19…[Renewables like solar, wind and hydropower along with bioenergy] will account for more than two-thirds of investment in new power capacity this year, the IEA noted, yet a sizeable gain in coal and oil use have caused the second largest annual increase in climate change-causing CO2 emissions…

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…[A] faster energy transition will better shield consumers in the future, because a commodity price shock would drive up costs for households 30% less in its most ambitious Net Zero Emissions by 2050 (NZE) scenario versus in its more conservative Stated Policies Scenario (STEPS)…If the world stays on its current track outlined by STEPS scenario, temperatures will jump 2.6 degrees Celsius by 2100…The IEA foresees a peak to oil demand in all its scenarios for the first time, in the mid‐2030s in the STEPS forecast with a very gradual decline but in the NZE forecast plateauing within a decade…” click here for more

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